The global economic crisis did not spare San Marino in 2009. Tax revenues fell as economic activities shrank; in a country heavily dependent on international trade, the decline in imports significantly hurt state revenues deriving from them.

While banking and manufacturing remained important sectors of the economy, the government was eager to invest more in tourism, a critical if troubled sector. The number of tourists had dropped sharply in recent years to little more than two million annual visits, a decline that was attributed in part to the republic’s tarnished image in some of the international press. Tourism decreased by only 1.1% in the first half of 2009, however, after having dropped 17% in the first quarter. In response to the drop in tourism, the government earmarked new investments for the transport infrastructure, hospitality resources, the creation of new cultural events, and the revitalization of the historic centre, which, along with Mt. Titano, had been declared a UNESCO World Heritage site in 2008.

The year was also important in the normalization of the republic’s standing with the Organisation for Economic Co-operation and Development. San Marino, long considered an international tax haven, was admitted to a “gray list” of countries working to achieve full compliance with international financial and banking standards. These countries were required to sign 12 bilateral agreements for economic collaboration with as many foreign partners, and San Marino reached that number by the end of year. This success notwithstanding, the republic’s most important trading partner, Italy, still refused to sign an agreement of economic and fiscal collaboration.